Completion is slated for fall 2016, Johnston, of Calibre International Realty, said. When completed, it will include a formal living room, media room, library, bar and 140 feet of water frontage. The estate will also feature Miele appliances, a family room, master suite, pool, spa, summer kitchen, fireplace and private balconies.

Casa Ischia, a company led by Irvine, paid nearly $5.2 million for the 18,375-square-foot lot in 2012, according to Miami-Dade County property records.

A handful of European buyers has recently picked up multimillion-dollar homes on Hibiscus Island: $7 million for 350 South Hibiscus Drive and $7.9 million for 280 South Hibiscus Drive in May, and 429 North Hibiscus Drive in June.

The retired British racing driver’s company sold a spec home at 1142 North Venetian Drive earlier this year for $10.5 million.